What are the effects on its net income

Assignment Help Accounting Basics
Reference no: EM132561080

Question - If a company understated its ending inventory balance for 2014 by $5,000, and overstates its ending inventory balance for 2015 by $8,000, what are the effects on its net income for 2015?

A. Overstated by $3,000

B. Understated by $3,000

C. Overstated by $13,000

D. Understated by $13,000

E. Understated by $8,000

Reference no: EM132561080

Questions Cloud

What is the amount of the company inventory loss : The average gross profit percentage in recent years had been 30%. What is the amount of the company's inventory loss on Sept 1st
Discussing impact of genetics on pharmaceutical treatment : Locate one scholarly article discussing the impact of genetics on at least one pharmaceutical treatment. Summarize the article and compare its recommendations.
What is the cm ratio for coffee klatch : The average fixed expense per month is $1,300. An average of 2,100 cups are sold each month. What is the CM Ratio for Coffee Klatch?
Determine the sales dollars that must be generated to attain : Coffee Klatch, Use the formula method to determine the sales dollars that must be generated to attain target profits of $2,500 per month.
What are the effects on its net income : If a company understated its ending inventory balance for 2014 by $5,000, what are the effects on its net income for 2015
Explain the concept of sustainability development : Explain the concept of sustainability development that includes the core elements of sustainability which applies to national economies
What types of health promotion concepts can be used : Elder abuse. Include physical, emotional, sexual, etc. How, as an APRN, can you screen for and address elder abuse? What types of health promotion concepts.
What are the advantage of separating fixed : Find What are the advantage and disadvantage of each of the there different methods of separating fixed and variable components of semi variable cost
Determine correct inventory balance for Aggie on December : Aggie Company just completed a physical inventory count of its inventory at year-end, Dec. 31, 2014. Determine correct inventory balance for Aggie on December

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare in good form of cash flows for anderson corporation

Prepare, in good form Assume that management has decided to use the indirect method for reporting cash flows from operating activities.

  Evaluation of overhead cost assigned to a product

The problem belongs to Basic Accounting and it discusses about calculation of overhead cost assigned to a product under activity-based costing

  How much loss will be deductible by ferris

The business produced a loss in the current year and Ferris's share of the loss is $45,000. How much of the $45,000 loss will be deductible by Ferris

  What was the primary source of the companys revenues

What was the primary source of the Company's revenues for 2014? What is the approximate age (on average) of the Company's property and equipment?

  Calculate the net realizable value of the receivables

Bagsy Co. has an accounts receivable balance of $350,000. It estimates that $70,000 will be uncollectible. Calculate the net realizable value of the receivables

  Calculate the selling price per unit charged

Calculate the selling price per unit charged by the outside supplier that would make Glenn economically indifferent between making and buying the motor

  On the previous page you will find a link titled learn more

from the homepage under the tab periodicals click on the internal auditor link. click on the about us link at the top

  Do you agree with daniel explain your reasons

The ending inventory value of 2014 was found to be overstated by $175,000. Do you agree with Daniel? Explain your reasons

  Another manufacturer has offered to supply speed quest with

speed quest inc. manufactures speed boats. currently the company manufactures its own engine for the boats at the

  Find a range of r which you will not take anything

Determine whether it is true or false. Justify your answer providing either a short proof or a (counter) example as appropriate. Given two  bonds with the same price, face value, expiration date and yield means that their coupons payments are iden..

  Question - Entries for Stock Dividends

Question - Entries for Stock Dividends. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value

  Incremental analysis-revenues-costs-net income

Ming Company is considering two alternatives. Alternative A will have sales of $150,000 and costs of $100,000. Alternative B will have sales of $180,000 and costs of $120,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd